VeChain and the Development of PoA 2.0

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About VeChain 

VeChain is a global public blockchain solution provider behind SURFACE PoA (Proof of Authority) 2.0. SURFACE basically stands for Secure, Use-case adaptive, Relatively Fork-free. 

The VeChain network is working tirelessly to try and close the gap between blockchain technologies and the real world.  

What is VeChain Thor (V.E.T.)? 

VeThor a.k.a V.E.T. is the gas paid for every Vechain transaction (meaning VeThor is the token of the VeChain Network). V.E.T. started on the Ethereum Network in 2014, and rebranded in 2018, shifting to its blockchain (VeChain).  

VET aims at providing retailers and consumers with the ability to; 

  • Determine the quality and authentic nature of products in the supply chain 
  • Raise the efficiency of companies’ logistics  
  • Ensure transparency in item transfers. 

After VeChain’s recent publish of the PoA 2.0 project, V.E.T. notably made a 5.7% profit on daily charts.  

VeThor a.k.a V.E.T., affects the VeChain network meaning that if there is an increase in VeChain’s price, there is also an increase in V.E.T. price. So, a decrease in V.E.T will therefore result in a reduction of the network.  

Proof of Authority 2.0(PoA 2.0) 

Proof of Authority is an algorithm that blockchains (such as VeChain) use to deliver fast transactions through a consensus mechanism based on identity.  

The Proof of Authority 2.0 (a.k.a SURFACE) project expects to eliminate the exchange contracts from consensus like B.F.T. (Byzantine Fault Tolerance) and Nakamoto adopted by other cryptocurrencies. 

The VeChain team says The Proof of Authority 2.0 is a significant milestone developed to meet the increasing demand for better performance and excellent security. 

The project boasts of an advanced technical system, structural governance, and even their economic model. 

These advancements mean that high-volume use cases will exist on-again with high data security unseen in other blockchain platforms. The blockchain network also maximizes its throughput ability ensuring data finalization. 

This recent release adds a network (193) option that implements VIP 193.  

According to VeChain, The V.I.P. upgrades and proposes two key features.  

  1. VRF-based source of randomness that improves the security of the current leader selection mechanism, therefore making it immune to attacks like corruption attacks or grinding attacks. 
  1. The committee-endorsing block-producing process reduces the probability of forking, resulting in decreased confirmation delay and increased throughput (T.P.S.). 

More on VeChain  

VeChain has partnered with big brands like ByD Group, D.I.G., A.S.I. group, Shanghai Gas, and so many more. 

With the VeChain Foundation’s digital economy and a clear road map to reach a threshold adoption rate, users will have the ability to operate the alternative blockchains used for testing. 

Additionally, the consumers will build and even employ decentralized apps through faucet apps they develop.  

Although it also follows market trends like most of its competitors.  VeChain is different compared to other blockchains as it employs unique features like the high-volume use cases resulting in high data security. 

The project adopted the process of Asset Digitization, where manufacturers assign unique individual identifiers to the products. Then they use VeChains Identity (VID) tech to mark and track the products. 

Conclusion  

The Proof of Authority 2.0 is an upgrade that has come at a great time. VeChain will increase user adoption and the VET network in general, resulting in improved efficiency and delivery. Developers also carried out many security and stress tests before launching the PoA 2.0 project to ensure the project is a success.